It’s not called “Where is my money?” but it’s pretty close.
The Internal Revenue Service has announced that by Friday, April 17, it plans to have a web tool, “Get My Payment,” available for people to track the status of the Economic Impact Payment coming to them from the $2 trillion federal stimulus law.
The Coronavirus Aid and Economic Security Act, which was signed into law by President Donald Trump on March 27, established that people with incomes up to $75,000 would receive a payment of $1,200. For couples filing jointly, the income limit for the full payment is $150,000, and the payment is $2,400. Individuals whose income is between $75,000 and $100,000 and couples with incomes between $150,000 and $200,000 will receive lower payments based on their income level.
Those eligible will also receive $500 for each dependent child.
Get My Payment will provide people with the date their payment is scheduled to be deposited in their account or mailed and keep them informed of the status of their payment.
It will also allow eligible people to provide their bank account information so they can receive their payments more quickly rather than waiting for a check in the mail.
The IRS launched a tool on April 10 that will allow people to register for an Economic Impact Payment if they don’t normally file a tax return.
This tool is to help those whose income is so low they aren’t required to file an income tax return and allows them to provide the necessary information so they can receive their payment either directly into their bank account or by mail.
Receiving a check by mail is going to take weeks or months longer while direct deposits are supposed to start this week with as many as 70 million Americans receiving their payments.